The National Industrial Recovery Act (NIRA) was a law enacted in 1933 during the Great Depression to stimulate economic recovery in the United States. It aimed to promote fair competition among industries, improve labor conditions, and increase employment. The act established the National Recovery Administration (NRA), which set codes of fair practices for various industries. NIRA also encouraged businesses to collaborate in setting prices and wages, which was intended to stabilize the economy. However, parts of the act were later declared unconstitutional by the Supreme Court in 1935, leading to its eventual decline.